Question
In: Accounting
Cast Exercise? Equipment, Inc. reported the following financial statements for 2018?: Cast Exercise Equipment, INC. Income...
Cast Exercise? Equipment, Inc. reported the following financial statements for 2018?:
Cast Exercise Equipment, INC.
Income Statement
Year Ended December 31,2018
Net Sales Revenue $709000
Cost of Goods Sold $344000
Gross Profit $365000
Operating Expenses:
Depreciation Expense $50000
Other Operating Expense $195000
Total Operating Expenses $245000
Net Income $120000
Cast Exercise Equipment, INC.
Comparative Balance Sheet
December 31, 2018 and 2017
Assets 2018 2017
Current assests $20000 $19000
Accounts Receivable 55000 49000
Merchandise Inventory 87000 92000
Long-Term Assets:
Plant Assets 270000 217500
Accumulated Depreciation-Plant Assets (44000) (34500)
Investements 92000 81000
Total Assets 480000 424000
Liabilities
Current Liabilities:
Accounts Payable $73000 $72000
Salaries Payable 5500 6500
Long-Term Liabilites:
Notes Payable 62000 72000
Total Liabilities 140500 150000
Stockholders' Equity
Common Stock, No Par 46000 37000
Retained Earnings 293500 236500
Total Stockholders' Equity 339500 273500
Total Liabilites and Stockholders' Equity $480000 $424000
Cast calculated the following amounts for 2018?:
• Acquisition value of plant? assets$93,000.
• Payment of? dividends $63,000.
• Payment of? long-term notes? payable $10,000.
• Cash receipt from issuance of common? stock $9,000.
Cast Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500.
No cash was received upon disposal.
Prepare the? company's statement of cash flows—indirect method—for the year ended December? 31, 2018.
Assume investments are purchased with cash.? (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the? statement, leave the box? empty; do not select a label or enter a? zero.)
Complete the statement one section at a? time, beginning with the cash flows from operating activities.
Cast Exercise Equipment INC
Statement of Cash Flow
Year Ended Decemeber 31,2018
| Cash Flows from Operating Activites | ||
| Net Cash: | ||
| Adjustments to Reconcile Net Income to Net Cash | ||
| Provided by (Used for) Operating Activites: | ||
| _________ | _______ | |
| Net Cash Provided by (Used for) Operating Activities: |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Fizer, Inc., reported the following financial statements for the last two years. FIZER, INC. 2020 Income...
Fizer, Inc., reported the following financial statements for
the last two years.
FIZER, INC.
2020 Income Statement
Sales
$
565,330
Cost of goods sold
273,960
Selling & administrative
124,720
Depreciation
54,563
EBIT
$
112,087
Interest
19,309
EBT
$
92,778
Taxes
48,245
Net income
$
44,533
Dividends
$
10,900
Addition to retained earnings
$
33,633
FIZER, INC.
Balance Sheet as of December 31, 2019
Cash
$
13,450
Accounts payable
$
23,986
Accounts receivable
18,981
Inventory
13,807
Current assets
$
46,238...
Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2016 Income...
Graffiti Advertising, Inc., reported the following financial
statements for the last two years.
2016 Income Statement
Sales
$
571,200
Costs of goods sold
273,965
Selling and administrative
124,721
Depreciation
54,564
EBIT
$
117,950
Interest
19,560
EBT
$
98,390
Taxes
39,356
Net income
$
59,034
Dividends
$
10,800
Addition to retained
earnings
$
48,234
GRAFFITI ADVERTISING, INC.
Balance Sheet as of December 31, 2015
Cash
$
13,440
Accounts
payable
$
9,492
Accounts receivable
18,982
Notes payable
14,496
Inventory
13,806
Current...
Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2016 Income...
Graffiti Advertising, Inc., reported the following financial
statements for the last two years.
2016 Income Statement
Sales
$
567,700
Costs of goods sold
274,000
Selling and administrative
124,728
Depreciation
54,571
EBIT
$
114,401
Interest
19,406
EBT
$
94,995
Taxes
37,998
Net income
$
56,997
Dividends
$
10,100
Addition to retained earnings
$
46,897
GRAFFITI ADVERTISING, INC.
Balance Sheet as of December 31, 2015
Cash
$
13,370
Accounts payable
$
9,499
Accounts receivable
18,989
Notes payable
14,503
Inventory
13,799
Current...
Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement...
Graffiti Advertising, Inc., reported the following financial
statements for the last two years.
2019 Income Statement
Sales
$
565,200
Costs of goods sold
274,025
Selling & administrative
124,733
Depreciation
54,576
EBIT
$
111,866
Interest
19,296
EBT
$
92,570
Taxes
48,137
Net income
$
44,433
Dividends
$
9,600
Addition to retained earnings
$
34,833
GRAFFITI ADVERTISING, INC.
Balance Sheet as of December 31, 2018
Cash
$
13,320
Accounts payable
$
9,504
Accounts receivable
18,994
Notes payable
14,508
Inventory
13,794
Current liabilities...
Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2016 Income Statement...
Graffiti Advertising, Inc., reported the following financial
statements for the last two years. 2016 Income Statement Sales $
568,700 Costs of goods sold 273,990 Selling and administrative
124,726 Depreciation 54,569 EBIT $ 115,415 Interest 19,450 EBT $
95,965 Taxes 38,386 Net income $ 57,579 Dividends $ 10,300 Addition
to retained earnings $ 47,279 GRAFFITI ADVERTISING, INC. Balance
Sheet as of December 31, 2015 Cash $ 13,390 Accounts payable $
9,497 Accounts receivable 18,987 Notes payable 14,501 Inventory
13,801 Current liabilities...
Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement...
Graffiti Advertising, Inc., reported the following financial
statements for the last two years.
2019 Income Statement
Sales
$
573,200
Costs of goods sold
273,945
Selling & administrative
124,717
Depreciation
54,560
EBIT
$
119,978
Interest
19,648
EBT
$
100,330
Taxes
40,132
Net income
$
60,198
Dividends
$
11,200
Addition to retained earnings
$
48,998
GRAFFITI ADVERTISING, INC.
Balance Sheet as of December 31, 2018
Cash
$
13,480
Accounts payable
$
9,488
Accounts receivable
18,978
Notes payable
14,492
Inventory
13,810
Current liabilities...
Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement...
Graffiti Advertising, Inc., reported the following financial
statements for the last two years.
2019 Income Statement
Sales
$
573,200
Costs of goods sold
273,945
Selling & administrative
124,717
Depreciation
54,560
EBIT
$
119,978
Interest
19,648
EBT
$
100,330
Taxes
40,132
Net income
$
60,198
Dividends
$
11,200
Addition to retained earnings
$
48,998
GRAFFITI ADVERTISING, INC.
Balance Sheet as of December 31, 2018
Cash
$
13,480
Accounts payable
$
9,488
Accounts receivable
18,978
Notes payable
14,492
Inventory
13,810
Current liabilities...
Marcus Inc. reported the following Income Statement for 2018 and the comparative balance sheet for 2018...
Marcus Inc.
reported the following Income Statement for 2018 and the
comparative balance sheet for 2018 and 2017, along with additional
information for 2018.
Prepare Maynard's
statement of cash flows for the year ended December 31, 2018 using
the indirect method and follow the proper format.
MARCUS INC.
Comparative Balance
Sheets
12/31/2018
Assets
2018
2017
Debit Accounts
Cash
42,000
33,750
Accounts receivable
70,500
60,000
Inventory
30,000
24,000
Investments (available for sale)
22,250
...
Exercise 12-81 Profitability Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Income Statements (in...
Exercise 12-81
Profitability Ratios
Financial statements for Steele Inc. follow.
Steele
Inc.
Consolidated
Income Statements
(in
thousands except per share amounts)
2019
2018
2017
Net sales
$7,245,088
$6,944,296
$6,149,218
Cost of goods sold
(5,286,253)
(4,953,556)
(4,355,675)
Gross margin
$1,958,835
$1,990,740
$1,793,543
General and
administrative expenses
(1,259,896)
(1,202,042)
(1,080,843)
Special and
nonrecurring items
2,617
0
0
Operating income
$701,556
$788,698
$712,700
Interest expense
(63,685)
(62,398)
(63,927)
Other income
7,308
10,080
11,529
Gain on sale of
investments
0
9,117
0
Income before...
Exercise 12-80 Asset Efficiency Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Income Statements...
Exercise 12-80
Asset Efficiency Ratios
Financial statements for Steele Inc. follow.
Steele
Inc.
Consolidated
Income Statements
(in
thousands except per share amounts)
2019
2018
2017
Net sales
$7,245,088
$6,944,296
$6,149,218
Cost of goods sold
(5,286,253)
(4,953,556)
(4,355,675)
Gross margin
$1,958,835
$1,990,740
$1,793,543
General and
administrative expenses
(1,259,896)
(1,202,042)
(1,080,843)
Special and
nonrecurring items
2,617
0
0
Operating income
$701,556
$788,698
$712,700
Interest expense
(63,685)
(62,398)
(63,927)
Other income
7,308
10,080
11,529
Gain on sale of
investments
0
9,117
0
Income...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- What is the difference among the principles of modularization, abstraction, encapsulation, and separation of interface and...
- An investment project costs $20,100 and has annual cash flows of $4,400 for six years. ...
- PUT IN JAVA PROGRAMMING The StockB class: Design a class named StockB that contains the following...
- Draw a DFA for the following ( ∑ = {0,1}): Set of all strings with.
- In the article from Forbes notes that the goal of a leader is not to clone...
- Many people keep time using a 24 hour clock (11 is 11am and 23 is 11pm,...
- UNIX ONLY -- DIFFICULT LAB ASSIGNMENT This is an extremely difficult subject for me. Could you...
ADVERTISEMENT